Planet Fitness (NYSE:PLNT) Trading Down 4.5% – Here’s Why

Planet Fitness, Inc. (NYSE:PLNT)’s stock price dropped 4.5% during trading on Tuesday . The stock traded as low as $100.56 and last traded at $100.23. Approximately 296,641 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,522,725 shares. The stock had previously closed at $105.00.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. BMO Capital Markets upped their target price on Planet Fitness from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Monday, March 31st. Canaccord Genuity Group set a $126.00 price target on Planet Fitness and gave the stock a “buy” rating in a report on Thursday, June 12th. Roth Mkm reissued a “buy” rating and set a $115.00 target price (up previously from $110.00) on shares of Planet Fitness in a report on Wednesday, February 26th. Stifel Nicolaus set a $120.00 price target on Planet Fitness and gave the company a “buy” rating in a report on Thursday, May 22nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $120.00 price target on shares of Planet Fitness in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $105.76.

Planet Fitness Trading Down 2.8%

The business has a 50 day moving average price of $99.42 and a 200-day moving average price of $99.81. The firm has a market capitalization of $8.59 billion, a PE ratio of 54.86, a P/E/G ratio of 2.45 and a beta of 1.33.

Planet Fitness (NYSE:PLNT) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.03). The company had revenue of $276.66 million for the quarter, compared to analysts’ expectations of $279.80 million. Planet Fitness had a negative return on equity of 107.97% and a net margin of 14.23%. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 EPS. On average, equities research analysts forecast that Planet Fitness, Inc. will post 2.51 earnings per share for the current year.

Institutional Investors Weigh In On Planet Fitness

Large investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group lifted its holdings in shares of Planet Fitness by 57.8% during the first quarter. Brooklyn Investment Group now owns 322 shares of the company’s stock valued at $31,000 after purchasing an additional 118 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in Planet Fitness by 187.6% during the 1st quarter. First Horizon Advisors Inc. now owns 371 shares of the company’s stock valued at $36,000 after purchasing an additional 242 shares during the period. CoreCap Advisors LLC increased its holdings in shares of Planet Fitness by 1,250.0% during the 4th quarter. CoreCap Advisors LLC now owns 486 shares of the company’s stock worth $48,000 after purchasing an additional 450 shares during the period. Farther Finance Advisors LLC increased its holdings in Planet Fitness by 291.0% in the 1st quarter. Farther Finance Advisors LLC now owns 520 shares of the company’s stock valued at $50,000 after buying an additional 387 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Planet Fitness by 1,139.5% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 533 shares of the company’s stock valued at $53,000 after purchasing an additional 490 shares in the last quarter. 95.53% of the stock is owned by institutional investors and hedge funds.

Planet Fitness Company Profile

Planet Fitness, Inc, together with its subsidiaries, franchises and operates fitness centers under the Planet Fitness brand. The company operates through three segments: Franchise, Corporate-Owned Stores, and Equipment. The company is involved in franchising business in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia.